This time it’s a U.S. Senator (Senator Lisa Murkowski of Alaska) who is pushing to unlock the seabed for mining. As reported by Reuters, Murkowski is pushing the Biden Administration for details on how the U.S. plans to tap into seabed mining as part of its push towards clean energy. Specifically, she points to the need for critical minerals, including nickel, cobalt, and copper – many of which are found deep in the ocean.
Seabed mining is a hot topic and by hot I don’t just mean new. Opening any new area of the world to exploration and development can reap rewards, however, there’s the question of cost – both in capital and in terms of the environment. Also, as Reuters points out, the legal waters are murky. For example, the U.S. hasn’t ratified the United Nations Convention on the Law of the Sea (UNCLOS), which means it’s not an official member of the International Seabed Authority—the body responsible for regulating deep-sea mining. While the U.S. has had a seat at the table as an observer, that doesn’t carry the same weight when it comes to shaping rules or claiming potential mining sites.
Murkowski wants to know if the administration plans to change that. In her letter, she asked whether the Biden team is taking steps to finally ratify UNCLOS and what economic and strategic benefits seabed mining could bring to the U.S. So far, the DOE hasn’t responded publicly but Granholm has previously stated the administration supports “responsible” domestic mining, which is about as clear as mud.
It’s hard to say if or when seabed mining will really become a thing. The French President has highlighted it as a key area of investment but other governments have condemned it. The debate continues and, as geopolitics continues to up the pressure on battery metal supply such as nickel, so too will the pressure rise to start mining the seabed. Murkowski’s letter is just the latest move towards that goal.
Anthony Milewski
Chairman, Nickel 28 Capital
